Tinubu: Government To Cut Cost Of Living By Reducing Cost Of Production, Transportation

President Bola Ahmed Tinubu has said his administration will focus on reducing the cost of living by lowering the cost of producing and transporting goods across Nigeria.

Tinubu stated this in his Independence Day address, where he said the next phase of his administration would focus on delivering “shared and widespread prosperity” after three years of economic reforms.

According to him, reducing the cost of production would be central to making food and other essential goods more affordable for Nigerians.

“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume,” the President said.

He said the government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase mechanisation and invest in storage and transportation.

Tinubu also said the government was building and completing roads, railways and ports to improve the connection between farms, factories and markets.

He explained that lower production costs, reduced post-harvest losses, cheaper electricity for manufacturers and faster transportation would eventually translate into lower prices for consumers.

The President said the government would also focus on improving industrial productivity by using gas to power new industries and supporting businesses seeking to revive factories.

He added that reliable power, access to credit and improved infrastructure were necessary for businesses to expand and create productive employment.

Tinubu said millions of young Nigerians enter adulthood every year with talent and ambition, adding that government’s responsibility was to turn the country’s demographic strength into an engine of production.

He acknowledged that millions of Nigerians were still struggling with food, school fees, medical bills and transportation costs.

According to him, the government would continue strengthening support for vulnerable households while pursuing policies aimed at creating jobs and increasing productivity.

He said the ultimate objective was to build an economy capable of steadily lifting people out of poverty while ensuring that vulnerable Nigerians were not abandoned.